The total amount collected in stamp duty for 2023 was ₹ 5,352 crores, exhibiting a 10.5 per cent year-on-year (YoY) increase. In December 2023, 14,725 property sales were registered contributing ₹ 560 crores to the State government’s revenue. While registrations witnessed a 10 per cent rise YoY, revenue from stamp duty increased by 12 per cent compared to same time the previous year.
- Also read: Pune residential sales near 50,000-mark
In December 2023, residential units priced between ₹ 50 lakhs and ₹ 1 crore were the most sought-after, comprising 34 per cent of all housing transactions. Similarly, the share of properties priced between ₹ 25 lakhs and ₹ 50 lakhs stood at 31 per cent of the market share, a close second to the ₹ 50 lakhs and ₹ 1 crore category.
Growth in market share for higher value segment
Interestingly, the higher value segment, comprising of properties priced at ₹ 1 crore and above, experienced growth in market share. This segment’s share increased from 9 per cent in December 2022 to 12 per cent in December 2023, indicating a rising buyer preference for properties in this price range. In December 2023, apartments within the range of 500 to 800 sq ft, had a substantial 40 per cent share. Apartments with an area under 500 sq ft also garnered significant attention, comprising 35 per cent of transactions in December 2023, making it the second most preferred apartment size.
Notably, there was a significant shift towards larger apartments, with those exceeding 1000 sq ft experiencing an increase in market share from 11 per cent in December 2022 to 14 per cent in December 2023.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Pune’s real estate market’s growth underscores the strong desire for homeownership and the appealing affordability factor within the city. This trend is evident in the notable surge in both property registrations and stamp duty collections throughout 2023. The growing preference for larger properties highlights the dynamism of Pune’s realty market. With ongoing enhancements in infrastructure and a rise in economic activity, the residential market in Pune is solidifying its sturdy base, paving the way for a flourishing real estate sector.”
=============